The market value was was around $56,611 according to the property appraiser office at the time. If I have to report the full amount of $75,000 there was a gain. If I only have to report my half of the proceeds which was $37,500 then there is a loss. It looks like the closing company should have provided two separate 1099-S and put the actual amount we each received instead of putting it on one 1099-S.
